You don’t have to like technology to appreciate its potential economic impact: a new survey shows tech-advantaged real estate agents earn $113,000 more each year than technophobic colleagues do.
According to research from the Real Estate CyberSpace Society, real estate professionals who embrace technology–or at least hold membership in the Boston-based professional group–have significantly higher annual income. Real estate brokers and agents who keep up with the effective use of technology and the Internet far outpace their less tech savvy competitors, John M. Peckham III, executive director of the 12-year-old organization, concludes.
According to a recent survey, the group’s 10,000 members have a median annual income of $162,000. The most recent member survey by the National Association of Realtors reports real estate agents in general have a median annual income of $49,000–less than a third of the earnings of the tech-oriented Real Estate CyberSpace Society members.
Peckham says members of the CyberSpace Society “are not techie nerds by any means.” They just use the latest technologies to make themselves more effective, he explains, adding that members take advantage of technology to leverage their productivity.”
Whether real estate professionals earn more because they use technology–or whether high-earning real estate professionals are just more likely to join tech-oriented real estate groups–is a matter for speculation. But what is generally accepted is that technology, carefully selected and properly used, can improve efficiency and productivity.
Mark Lesswing, chief technology officer of the National Association of Realtors, suggests real estate professionals capitalize on tested technologies, including mapping applications, videos and products that produce crisp, clean presentations. How important is video? Consider this: more than 141 million viewers watch 3.3 billion videos on You Tube a month, which is more than double the 65.6 million who subscribe to cable TV, NAR research shows.
Lesswing says other technologies, including search engine optimization and social networks, are options, but notes their effectiveness remains open to debate. He considers mobile processing and real time real estate–”data at the speed of the Internet,” with real time information and real time access–two of the next big things.
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